Chicago Sun-Times

Many ATMs dispense with $10 bills

May 13, 2002

BY LUCIO GUERRERO STAFF REPORTER

Trying to get a quick $50 out of the ATM these days? Or $10 for an L
pass?

Sorry, but more and more banks have begun carrying only $20 bills in
their automated teller machines and no longer carry tens.

Bank One, the largest Chicago bank, stopped dispensing smaller
denominations in December. Other Chicago banks followed suit.

BY THE NUMBERS

*Average withdrawal: $80.

*Most popular day to go to an ATM: Friday.

*First U.S. ATM: opened in 1971 at Citizens & Southern National Bank in
 Atlanta.

*Automated teller machines nationwide: about 350,000 as of the end of
 last year.

*ATM surcharges: $2.2 billion total nationwide last year, Bank Rate
 Monitor estimates. Average surcharge: $1.45.

*Percentage of people who have ATM cards, by age group: 18 to 34 years
 old, 75 percent; 34 to 44 years old, 68 percent; 45 to 54 years old, 70
 percent; 55 to 64 years old, 67 percent; 65 or older, 36 percent.

*Usage by annual income: under $20,000, 30 percent; $20,000 to $29,000,
 42 percent; $30,000 to $39,000, 55 percent; $40,000 or more, 60 percent.

SOURCE: American Banking Association

"When you only have one single currency in the machine, there is less of
a chance of running out of money," said Robert Mau, a spokesman for
LaSalle Bank. "You can serve more customers."

Banking industry representatives said people generally want larger
denominations these days, especially considering the fees they're hit
with when they use an ATM at a bank other than their own.

"Most people who use the ATM don't want to get less than $20 out," said
John Hall, a spokesman for the American Bankers Association. "It's more
efficient just to put in one currency if that's the currency people
want."

Not everyone is pleased.

"I think it's an inconvenience," said Pam Barnes, a Bank One customer who
usually uses an ATM twice a week. "Sometimes, I want to get small bills,
but I can't. It's a problem when it's the first thing in the morning, and
I want to make a small purchase, and all I have are a bunch of twenties.
Usually, they'll ask, 'Don't you have something smaller?' "

Some banks still have $10 bills at their ATMs.

"We are trying to accommodate what our customers want," said Jack
Wiaduck, vice president of personal banking at Northern Trust Bank. "We
have multiple-currency dispensers because that's what our customers
want."

But if your bank no longer carries tens and you're not happy about that,
consider this: At least you don't live in Aspen, Colo., or Las Vegas.
ATMs in those cities are set up for big spenders. In Aspen and Las Vegas,
some cash machines will spit out only $100 bills. Even in Troy, Mich., at
the upscale Sommerset Collection shopping center--home to stores such as
Gucci, Armani and Baccarat--the ATM doesn't carry anything smaller than a
$50 bill.


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